NOT THE END FOR NO LIMIT SAYS CEO

Written on the 23 July 2010

NOT THE END FOR NO LIMIT SAYS CEO

THE CEO of one of the Gold Coast’s former premier development companies is confident it can emerge from current financial woes as receivers embark on an aggressive sale of its assets.

No Limit boss John Marshall is backing his company to remain a going concern and bounce back from what has been a ‘tough period for all coastal developers’.

It follows the sale yesterday of the once prized headquarters (pictured) of the fallen property developer for $3.2 million to a syndicate of buyers directly affiliated with the1800 MUMDAD telco.

No Limit hit the skids in February this year when St George Bank appointed receivers to four companies owned by Marshall.

It included seizing the upmarket Fairway Island residential project at Hope Island, the headquarters at Burleigh Heads, the Storage King premises at Miami and an undeveloped residential estate in Ipswich.

Fairway Island will be sold in an offer-to-purchase campaign closing on August 5. No Limit acquired the 7.19ha site for $10.6 million in 2003 and was planning a $100 million luxury waterfront land release.

The writing was on the wall last year when the developer discounted 10 blocks in the 76-lot Fairway Island estate to $495,000 from $750,000 to meet market conditions.
.
“I feel disappointed that we have to sell (Fairway Island) and as long as it’s not sold too hastily, we’ll be alright. High quality products will win out in the end,” says Marshall.

“We have had solid enquiries for what is an applaudable product and could look at a potential JV there also. My bankers are not taking me to the cleaners I don’t think. It’s not the end for No Limit.”

As for the sale of the 1103 sq m site on the Gold Coast highway at Burleigh Heads, Marshall told goldcoastbusinessnews.com.au that he is pleased with the outcome despite the circumstances.

“We achieved a good price there, above market value, so I’m happy with the outcome,” says Marshall.

“It was probably accelerated a bit, but I had planned to move out of there anyway. I’m still in the game and feel that we had a good innings there.”

1800 MUMDAD will relocate from its Varsity Lakes premises to take up occupancy of the building soon after settlement.

The building is partially leased to The Salvation Army who occupies 448sqm on the ground floor.

The property was marketed by CB Richard Ellis acting on behalf of receivers and managers Nick Harwood & John Greig of Deloitte. Agents Mark Witheriff and Nick Corrie of CB Richard Ellis negotiated the sale.

Corrie says 38 enquiries were received during the campaign with nine parties expressing interest. The majority of offers were within close contention and comprised an equal mix of owner-occupiers and developers.

“This campaign suggests that any high profile, well located site that has a current or potential income stream will fetch a similar premium, normally associated with an owner occupier from developers alike,” says Corrie.


Latest News

SURFSTITCH DOWNGRADES EARNINGS AS SHARES PLUNGE 25 PER CENT IN A DAY

TROUBLED online sports clothing retailer SurfStitch is considering selling off more of its assets and will close i...

GOLD COAST AIRPORT RECORDS STRONGEST PERIOD IN HISTORY

The Gold Coast Airport recorded its strongest April in history for passenger numbers, supported by a growing numbe...

THE TRAVEL STARTUP THAT EVICTED THE HOUSE-SITTER

YOU'VE used Expedia to book the flights, AirBnB to find accommodation, and Uber to get around in the new city and...

MELBOURNE'S $200M RIALTO PROJECT NEARS COMPLETION AFTER 10 YEARS OF PLANNNG

IT'S BEEN 10 years in the planning and had at least 10 different architects and has involved the acquisition o...

Related News

SURFSTITCH DOWNGRADES EARNINGS AS SHARES PLUNGE 25 PER CENT IN A DAY

TROUBLED online sports clothing retailer SurfStitch is considering selling off more of its assets and will close i...

AUSCANN RESUMES TRADE AFTER $12 MILLION CAPITAL RAISING

IT'S BEEN a big few days for medical cannabis manufacturer AusCann (ASX: AC8), as the company emerged from a trad...

APN AND oOh!media MERGER CALLED OFF, CEO 'AMAZED' AT ACCC'S DECISION

THE PROPOSED $1.6 billion merger between Australia's two largest advertising groups, APN (ASX: APO) and oOh!me...

ANALYSTS FORECAST A GRIM CHOICE FOR OROTON: SELL UP OR QUIT THE ASX

FOLLOWING a warning to the market and a subsequent trading halt earlier in the week which has shaved more than $11...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter